Description
NSE modifies the Last Trading Day parameter for Natural Gas Options on Futures contracts from two business days to four business days prior to underlying futures expiry, effective May 25, 2026 for June 2026 contracts onwards.
Summary
NSE has modified the Last Trading Day (Contract Expiry) parameter for Natural Gas Options on Futures (OPTFUT) contracts. The expiry is being changed from two business days prior to the underlying futures expiry to four business days prior. This change is applicable from May 25, 2026, covering June 2026 and all subsequent contract months.
Key Points
- Symbol affected: NATURALGAS (Instrument Type: OPTFUT — Options on Futures contract)
- Existing expiry: Two business days prior to the expiry day of the underlying futures contract
- Revised expiry: Four business days prior to the expiry day of the underlying futures contract
- Change is effective from May 25, 2026, for contracts expiring June 2026 onwards
- Trading members must upload the latest
co_contract.gzfile from NSE Extranet before trading on May 25, 2026
Regulatory Changes
The contract parameter “Last Trading Day (Contract Expiry)” for Natural Gas Options on Futures is being revised. The window between options expiry and the underlying futures expiry is being extended from two to four business days, providing additional time for settlement and risk management.
Compliance Requirements
- Trading members must download and upload the latest
co_contract.gzfile available on NSE Extranet (Path:/comtftp/comtcommon) before the start of trading on May 25, 2026. - Members should update their systems to reflect the revised expiry dates for June 2026 and onwards.
Important Dates
- April 09, 2026: Circular issued
- May 25, 2026: Effective date of the revised expiry parameter;
co_contract.gzfile must be uploaded before trading begins - June 2026 onwards: All Natural Gas Options on Futures contracts will follow the revised expiry schedule
| Contract Month | Revised Contract Expiry Date |
|---|---|
| Jun-26 | 19-Jun-26 |
| Jul-26 | 22-Jul-26 |
| Aug-26 | 20-Aug-26 |
| Sep-26 | 21-Sep-26 |
| Oct-26 | 21-Oct-26 |
| Nov-26 | 18-Nov-26 |
| Dec-26 | 21-Dec-26 |
Impact Assessment
This change affects traders and members active in the Natural Gas commodity derivatives segment on NSE. The extension from two to four business days provides a wider buffer between the options expiry and the underlying futures expiry, which may reduce pin risk and last-day volatility for options holders. Members with automated trading systems or contract calendars will need to update their systems prior to May 25, 2026 to avoid settlement discrepancies. The impact is moderate and operationally manageable given the advance notice.
Impact Justification
Operational change to contract parameters for Natural Gas Options on Futures affecting expiry dates; impacts traders in commodity derivatives but limited to a specific instrument with advance notice given.